Shutting down a Private Limited Company

If your earlier business hasn’t done well and needs to be shut down, the process is stressful. Its even more time consuming and grueling if you had incorporated your business as Pvt. Ltd Company. Shutting down the Pvt. Ltd Company can be done in the following ways:

You shutdown the company declaring it as defunct.

You sell it

You wind up and dissolve the company.

Given below is how you can shut down a private limited company by declaring it defunct in an application to the Registrar of Companies (ROC).

Step 1 – The board of the company has to make a resolution to make an application to the ROC for declaring the company as defunct. Two directors of the company must sign this application.

Step 2 -Two directors of the company have to sign an affidavit, which is notarized, that verifies that the company did some business for a period up to date and then discontinued its operations, and has no assets or liabilities.

Step 3 –Two directors have to sign an indemnity bond, that is notarized, which says that should there be any liabilities on the company, such liabilities will be met in full by the applicants even after the name of the company is struck off the register of companies.

Step 4 –The company will have to file the financial statement for the latest year prepared up to a period, which ended one month preceding the date of application. This will be accompanied with a declaration that the statement of accounts submitted gives a true and fair view of the company”™s financial position.

Step 5 – Companies which discontinued their operations, after carrying the same for some period, should file audited financial statement for the period up to which they carried on the business provided that period is of one accounting year or more. Also, if there is any unsecured loan, then a waiver letter needs to be submitted.

If the registrar is satisfied with the application under the current laws, then it will proceed towards striking the name of the company and declaring it as defunct and thereafter publish a notice in this regard in the official gazette.

The entire process takes about two months and your C.A might charge you about Rs.25,000, including the fees and miscellaneous charges.

Respected Sir, please let me know the procedure for closing down the company and also let me know one most important thing that after closing down the company if any financial liabalities are raised against the company ,does the Directors of the company is held personaly liable for that, ? I mean to say , that does the private propery of the director will be attached for the recovery of such liabilities?

Dear Kirti,
In the normal course, your liability is limited to the balance of unpaid share capital. However, There have been instances where our judiciary has lifted the corporate veil and held directors responsible for corporate liabilities.

We Had availed loan of 2 lacs in 1994 we want to close the company now in 2015 but there is charge Id visible on ROC site depsite the loan has been repaid in full by the company .but the bank has no record of repayment . In such circumstances what does the company director do ,what is the role of the bank and role of roc, who is a party at fault here ,and will there be any penalty if so who is liable to pay panelty and to whom ..pl help. If it can be condoned who will do it.

Sir
We have started a pvt ltd company under msme cluster development.even after 4 years we ate not in a position to get approval.we want to close the company.we have invested for factory land purchase.how to wind up and how to calculate the value for parting the money for all the 21 members.whether we can sell land and part the money

Dear Sir,
i have creat pvt ltd company in july 2015 and not worked till now , no any transaction ,no asset , no liabilities..
i want to close company. please tell me director card and company pan card will deregistered automatically or have to de-register .
pls.tell me

I do love the way you have framed this problem and it really does offer us some fodder for consideration. However, coming from just what I have experienced, I simply wish as other commentary pack on that men and women remain on point and not get started on a tirade regarding some other news of the day. All the same, thank you for this fantastic point and though I can not necessarily go along with it in totality, I value the viewpoint.

Together with everything that seems to be building throughout this subject matter, your viewpoints tend to be fairly exciting. Having said that, I beg your pardon, but I do not subscribe to your entire plan, all be it radical none the less. It looks to me that your opinions are actually not completely rationalized and in simple fact you are your self not really totally certain of the assertion. In any event I did appreciate looking at it.

Greetings from Colorado! I’m bored at work so I decided to browse your website on my iphone during lunch break. I really like the info you present here and can’t wait to take a look when I get home. I’m amazed at how quick your blog loaded on my phone .. I’m not even using WIFI, just 3G .. Anyhow, amazing site!

Hi there! I know this is kind of off-topic but I needed to ask. Does running a well-established blog like yours take a lot of work? I’m completely new to running a blog but I do write in my diary on a daily basis. I’d like to start a blog so I can share my own experience and views online. Please let me know if you have any recommendations or tips for brand new aspiring blog owners. Appreciate it!

Hmm it seems like your blog ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I too am an aspiring blog writer but I’m still new to the whole thing. Do you have any helpful hints for inexperienced blog writers? I’d genuinely appreciate it.

Hi! This post couldn’t be written any better! Reading this post reminds me of my old room mate! He always kept chatting about this. I will forward this page to him. Fairly certain he will have a good read. Many thanks for sharing!

Hey there are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any coding knowledge to make your own blog? Any help would be greatly appreciated!

Hey! This is my first visit to your blog! We are a group of volunteers and starting a new initiative in a community in the same niche. Your blog provided us valuable information to work on. You have done a marvellous job!

Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

First off I would like to say wonderful blog! I had a quick question in which I’d like to ask if you don’t mind. I was curious to know how you center yourself and clear your head prior to writing. I have had a tough time clearing my thoughts in getting my ideas out. I do enjoy writing however it just seems like the first 10 to 15 minutes tend to be lost just trying to figure out how to begin. Any recommendations or tips? Cheers!|æŽ²ç¤ºæ¿}

I think this is one of the most vital information for me. And i am glad reading your article. But want to remark on some general things, The web site style is great, the articles is really nice : D. Good job, cheers

Hey! I realize this is sort of off-topic however I needed to ask. Does operating a well-established blog like yours take a massive amount work? I am brand new to writing a blog however I do write in my diary daily. I’d like to start a blog so I will be able to share my experience and feelings online. Please let me know if you have any recommendations or tips for new aspiring blog owners. Appreciate it!

I know this if off topic but I’m looking into starting my own blog and was wondering what all is required to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web savvy so I’m not 100% positive. Any recommendations or advice would be greatly appreciated. Thanks

Hello! This is kind of off topic but I need some advice from an established blog. Is it difficult to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to start. Do you have any ideas or suggestions? Cheers

Greetings! I know this is kinda off topic but I was wondering which blog platform are you using for this website? I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be fantastic if you could point me in the direction of a good platform.

My partner and I absolutely love your blog and find many of your post’s to be just what I’m looking for. Does one offer guest writers to write content for you personally? I wouldn’t mind producing a post or elaborating on a number of the subjects you write in relation to here. Again, awesome weblog!

I don’t know whether it’s just me or if everyone else experiencing problems with your blog. It appears as if some of the text in your content are running off the screen. Can somebody else please provide feedback and let me know if this is happening to them as well? This may be a problem with my web browser because I’ve had this happen before. Thanks

Hey this is somewhat of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding experience so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four e-mails with the same comment. Is there any way you can remove people from that service? Thanks a lot!

Hmm it appears like your site ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I too am an aspiring blog writer but I’m still new to the whole thing. Do you have any helpful hints for beginner blog writers? I’d definitely appreciate it.

Pretty section of content. I just stumbled upon your website and in accession capital to assert that I acquire actually enjoyed account your blog posts. Anyway I will be subscribing to your augment and even I achievement you access consistently quickly.

Thank you for the sensible critique. Me and my neighbor were just preparing to do a little research about this. We got a grab a book from our area library but I think I learned more clear from this post. I am very glad to see such great information being shared freely out there.

Wonderful website you have here but I was curious about if you knew of any forums that cover the same topics discussed here? I’d really like to be a part of community where I can get opinions from other experienced people that share the same interest. If you have any recommendations, please let me know. Thank you!

Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

Hey there I am so delighted I found your site, I really found you by mistake, while I was looking on Aol for something else, Anyways I am here now and would just like to say kudos for a fantastic post and a all round exciting blog (I also love the theme/design), I donâ€™t have time to go through it all at the minute but I have saved it and also added in your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the superb job.

Hey! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in trading links or maybe guest authoring a blog article or vice-versa? My site addresses a lot of the same topics as yours and I feel we could greatly benefit from each other. If you are interested feel free to send me an e-mail. I look forward to hearing from you! Great blog by the way!

Hello excellent website! Does running a blog similar to this take a massive amount work? I’ve absolutely no understanding of coding but I was hoping to start my own blog soon. Anyhow, if you have any ideas or tips for new blog owners please share. I understand this is off subject but I just wanted to ask. Appreciate it!

When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment. Is there any way you can remove me from that service? Bless you!

Hey this is somewhat of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding know-how so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

Do you mind if I quote a few of your posts as long as I provide credit and sources back to your weblog? My blog site is in the very same niche as yours and my visitors would certainly benefit from a lot of the information you provide here. Please let me know if this okay with you. Thanks!

Hey are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any coding expertise to make your own blog? Any help would be really appreciated!

Hmm it seems like your site ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to the whole thing. Do you have any helpful hints for rookie blog writers? I’d really appreciate it.

Hello there! I know this is kinda off topic but I’d figured I’d ask. Would you be interested in exchanging links or maybe guest writing a blog article or vice-versa? My site covers a lot of the same topics as yours and I believe we could greatly benefit from each other. If you happen to be interested feel free to shoot me an e-mail. I look forward to hearing from you! Great blog by the way!

Howdy just wanted to give you a quick heads up. The words in your article seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with web browser compatibility but I thought I’d post to let you know. The design look great though! Hope you get the issue fixed soon. Thanks

Hello there! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be fantastic if you could point me in the direction of a good platform.

Hello, I think your site might be having browser compatibility issues. When I look at your blog site in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, amazing blog!

I’m truly enjoying the design and layout of your site. It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you hire out a designer to create your theme? Superb work!

Hello would you mind stating which blog platform you’re working with? I’m looking to start my own blog soon but I’m having a difficult time deciding between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something completely unique. P.S Sorry for getting off-topic but I had to ask!

Greetings! Quick question that’s totally off topic.
Do you know how to make your site mobile friendly? My weblog looks weird
when browsing from my apple iphone. I’m trying to find a template
or plugin that might be able to correct this issue.
If you have any suggestions, please share. Many thanks!

Hmm it seems like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing. Do you have any suggestions for rookie blog writers? I’d really appreciate it.

Sunlight – Technology (China) along with Solar — World (Indonesia) can be combined with the list of several, many other firms that have possibly announced lay offs or said bankruptcy because the initiative begun in 2009 This will help facilitate the
entire process of repayment of the debt requirements with the earnings.

Greetings from California! I’m bored to tears at work so I decided to check out your site on my iphone during lunch break. I really like the knowledge you present here and can’t wait to take a look when I get home. I’m amazed at how fast your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyways, amazing blog!

Have you ever thought about adding a little bit more than just your articles? I mean, what you say is important and all. However imagine if you added some great visuals or video clips to give your posts more, “pop”! Your content is excellent but with images and videos, this blog could undeniably be one of the very best in its niche. Terrific blog!

This design is steller! You obviously know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!

Hello this is kind of of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be enormously appreciated!

Hello there I am so delighted I found your site, I really found you by mistake, while I was researching on Yahoo for something else, Nonetheless I am here now and would just like to say cheers for a incredible post and a all round exciting blog (I also love the theme/design), I donÃ­t have time to read through it all at the minute but I have book-marked it and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the fantastic job.

I do not know if it’s just me or if everyone else experiencing issues with your site. It appears as though some of the text in your content are running off the screen. Can somebody else please provide feedback and let me know if this is happening to them as well? This could be a problem with my browser because I’ve had this happen previously. Many thanks

Hey there! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no backup. Do you have any solutions to protect against hackers?

Hello! Someone in my Myspace group shared this website with us so I came to take a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Fantastic blog and superb design.

Hi there! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no backup. Do you have any solutions to protect against hackers?

Thanks for your marvelous posting! I quite enjoyed reading it, you will be a great author.I will ensure that I bookmark your blog and will eventually come back down the road. I want to encourage continue your great job, have a nice evening!

When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment. Is there any way you can remove me from that service? Thank you!

With havin so much content and articles do you ever run into any problems of plagorism or copyright violation? My website has a lot of completely unique content I’ve either authored myself or outsourced but it seems a lot of it is popping it up all over the internet without my authorization. Do you know any techniques to help protect against content from being stolen? I’d truly appreciate it.

Hey there would you mind letting me know which hosting company you’re working with? I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot faster then most. Can you recommend a good internet hosting provider at a fair price? Cheers, I appreciate it!

Howdy! Do you know if they make any plugins to assist with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Kudos!

Hi there! I understand this is somewhat off-topic but I had to ask. Does running a well-established website such as yours take a large amount of work? I’m completely new to running a blog however I do write in my journal everyday. I’d like to start a blog so I can easily share my experience and views online. Please let me know if you have any ideas or tips for new aspiring blog owners. Thankyou!

Pretty nice post. I just stumbled upon your weblog and wanted to say that I’ve truly enjoyed surfing around your blog posts. In any case Iâ€™ll be subscribing to your feed and I hope you write again soon!

Having read this I thought it was very enlightening. I
appreciate you finding the time and energy
to put this information together. I once again find myself personally spending way too much time both reading and leaving comments.
But so what, it was still worth it!

I wanted to write you one little bit of word so as to thank you over again for these pleasant techniques you’ve shown in this article. This is quite unbelievably generous of people like you in giving freely just what most people might have sold as an ebook to make some dough on their own, mostly given that you could possibly have tried it in case you considered necessary. Those ideas additionally acted to provide a great way to comprehend other individuals have the same passion much like my very own to know a whole lot more when it comes to this condition. I believe there are numerous more fun occasions up front for folks who see your site.

I like the valuable information you provide in your articles. Iâ€™ll bookmark your blog and check again here regularly. I’m quite certain Iâ€™ll learn a lot of new stuff right here! Best of luck for the next!

Thanks so much for providing individuals with an extremely superb chance to read from this website. It is usually so good and also full of a great time for me and my office co-workers to search the blog at least thrice in 7 days to see the latest tips you have. And of course, we are at all times fascinated with all the excellent knowledge you serve. Certain 3 facts in this article are undeniably the most efficient I’ve ever had.

public liability insurance wiki – http://koni-kabupatenmojokerto.com – coverage
is an effective way of risk administration and
is specified as an equitable transition of the danger of a loss in exchange of a premium.

Hello, I think your website might be having browser compatibility issues.
When I look at your blog site in Ie, it looks fine but
when opening in Internet Explorer, it has some
overlapping. I just wanted to give you a quick heads up!
Other then that, awesome blog!

Dog bite declares accounted for more than one-third of all residents’ liability insurance for
nurses (http://www.ng.org.ua) obligation claims paid in 2013, baseding on the Insurance Information Principle.

Howdy! Do you know if they make any plugins to assist with Search Engine
Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not
seeing very good results. If you know of any please share.

Accepted lawyer: A title public liability insurance meaning (torontocomputertech.com) policy
business normally accredits an authorized attorney the authority to manage closings and to provide title point of views.

Somebody essentially assist to make significantly posts I
might state. This is the first time I frequented your website page and thus
far? I amazed with the analysis you made to make this actual post incredible.
Magnificent activity!

What’s Taking place i’m new to this, I stumbled upon this I’ve discovered It
positively helpful and it has aided me out loads. I’m hoping to give a contribution & help other users
like its aided me. Good job.

public liability insurance cost (http://www.oldposuda.spb.ru/comment/19860) liability insurance could
possibly cover you economically (lawful charges and also expenditures) if an individual is unintentionally hurt on your facilities.

Thanks on your marvelous posting! I truly enjoyed reading it, you will be a great author.
I will be sure to bookmark your blog and will often come back
down the road. I want to encourage you continue your great work, have a nice holiday weekend!

Fascinating blog! Is your theme custom made or did you download it from somewhere?
A design like yours with a few simple tweeks would really make
my blog shine. Please let me know where you
got your design. Thanks